PopNet Internet AG
PopNet Internet AG english
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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The PopNet Internet AG discloses that the existing credit line from the
Commerzbank AG was terminated yesterday afternoon “with immediate effect and for
important reasons”. The Commerzbank has granted a winding up period up until
24.10.2001 for the refund of debts. Although the group of companies has approx.
3,3 Mio. DM liquid funds at its disposal in co-operation with the credit line of
17,5 Mio. DM provided by the Commerzbank AG, this credit line was at first
suspended last week and now terminated. Previous intensive efforts and
negotiations with potential partners were interrupted last week following the
tragic occurrence in the USA. The initial fall in turnover, increasing liquidity
requirements up until the end of the year and the overall negative economic
perspectives make the situation difficult for PopNet.
The credit line applied for by PopNet was granted by the Commerzbank at the end
of May 2001. This occurred on the basis of a comprehensive restructuring concept
that was examined by the well-known Hamburg law firm Dr. Weiland and finally
accepted by the Commerzbank. The implementation of the planned measures within
the scope of the concept, such as, the reduction of board members, the
streamlining of management, the reduction of personnel and the focusing on the
promising profitable core business areas, have already partly been implemented,
but a consensus was not able to be reached for another part within the board and
supervisory board. Despite an agreed approach by all members that the company
is able to restructure itself thanks to motivated and qualified employees,
established customer relationships and promising successful contracts, the
PopNet group is now considerably disabled with its current efforts.
Further details and measures will be shortly communicated through the Board.
Contact: PopNet Investor Relations, Tel: +49 (0)40-27827-149, eMail: investor-
relations@popnet.de
end of ad-hoc-announcement (c)DGAP 25.09.2001
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WKN: 622810; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, München, Hannover und Stuttgart
251725 Sep 01
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